Post by account_disabled on Mar 9, 2024 2:44:57 GMT -6
The US announced the US- Taiwan Initiative on 21st-century Trade just days after unveiling the Indo-Pacific Regional Economic Framework (IPEF) that excluded Taiwan.
The negotiations would cover 11 topics, including trade facilitation, good regulatory practices, anti-corruption rules, SMEs, agriculture, quality standards, digital trade, labor, environment, state-owned enterprises, and non-trade policies and practices.
Both sides will also discuss ways to address China's "economic coercion," according to Taiwan's trade representative, John Deng, at a press conference last Wednesday.
The Chinese authorities claim Ecuador Mobile Number List full sovereignty over Taiwan, despite the fact that Taiwan has never been controlled by the Chinese Communist Party, with both having totally different political systems for more than seven decades.
Since the end of the Chinese civil war, the Asian giant has been opposing the negotiation of any economic and trade agreement with Taiwan that has sovereign connotations and is of an official nature.
Tensions between Beijing and Washington have escalated significantly since US House Speaker Nancy Pelosi's visit to Taiwan earlier this month, the first by a senior political official in 25 years.
China began drills involving the navy, air force and other military forces in the sea and airspace surrounding Taiwan in a show-of-force exercise.
China, Taiwan's largest trading partner, also suspended some trade with the small island in the wake of the visit. The restrictions include the suspension of some fruit and fish imports from Taiwan and exports of natural sand to the island, a key component in the production of semiconductor chips.
Taiwan's trade representative noted that they will work to deepen trade relations with the US, improve Taiwan's economic competitiveness, boost foreign investment and improve the image of Taiwanese companies.
In turn, he added that the talks could "increase the possibility of Taiwan joining international trade organizations, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Wednesday's announcement falls short of hopes by Taiwan, already the US's ninth largest trading partner, for a bilateral free trade agreement. For Taiwanese officials, the talks are important to keep trade ties open and they still hope to be able to negotiate such an agreement in the future.
The talks are likely to further raise tensions with China, which opposes US efforts to deepen ties with Taiwan and accuses Washington of moving away from its "one China" policy, under which Washington recognizes Beijing as the sole government of China.
The first round of negotiations is expected to take place in the fall.